Manac Inc. posts a Net Income of $1.6 million for the First Quarter 2014
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
SAINT-GEORGES, QC, May 5, 2014 /CNW/ - Specialty trailers manufacturer Manac Inc. (TSX: MA) reported a net income of $1.6 million or $0.10 per share, for the quarter ended March 29, 2014, compared with a net income of $2.8 million or $0.23 per share for the corresponding period in 2013. Sales for the first quarter totaled $66.2 million compared with $69.4 million for the corresponding period in 2013, a decrease of 4.6%.
"The important and rapid decrease of the Canadian dollar versus the U.S. currency and the reallocation of manufacturing capacity towards the van segment are the main items affecting our results in the first quarter of 2014. The recent increase in the industry's backlog level, especially in the flatbed segment, the positive midterm effect of the lower Canadian currency and our continued process improvement efforts sustain our optimism for the remainder of the year" says Charles Dutil, Manac President.
Backlog increased by $19.9 million in the quarter and totaled $98.4 million on March 29, 2014. This compares to $62.9 million on March 30, 2013 and $78.5 million on December 31, 2013.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate®, Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.
Manac Inc. will hold a conference call with financial analysts, investors and media representatives on Tuesday, May 6, 2014 at 13:30 EDT. A podcast will be available at www.manac-ir.com and www.newswire.ca.
A replay of the conference call will be available until May 13, 2014, by dialing 866. 865. 3087 and entering conference ID 41042334, followed by the pound key (#).
Forward looking statements
This document may contain forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.
SOURCE Manac Inc.
Image with caption: "Manac logo (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20140505_C3177_PHOTO_EN_2050.jpgFor further information: Charles Dutil, President & CEO, Manac Inc., Email: email@example.com, Telephone: 418. 228. 2018